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What Makes a Retail Installment Contract Legally Binding?

April 26, 2017Binding contract installment legally retail

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What Makes a Retail Installment Contract Legally Binding?

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Generally, for a retail installment contract to be legally binding, the following terms and conditions must be included: • Total amount due • Interest rate • Duration of contract • Amount of monthly payment • Fees, such as late fees or payoff charges • Down payment received • Cancellation or refund clauses, if applicable